Mr. SMITH of Nebraska. Mr. Speaker, American families are preparing for the holiday season and doing so by paying the highest fuel prices in 2 years.
In addition to gasoline, heating oil and diesel prices are expected to increase year over year for the first time since 2008, and analysts are predicting oil will hit $100 a barrel very soon. At a time when our economy is struggling to recover, such skyrocketing energy prices could be catastrophic.
This is why it makes no sense the administration recently announced plans to cancel further energy exploration and development in deep offshore areas. These sources of American energy are known to contain more than 86 billion barrels of recoverable oil.
This decision to prevent energy development hurts our economy and costs American jobs. Let's give Americans what they deserve. The time is now to expand exploration of American energy resources.